1. 2 pt 3 pt 4 pt 5pt 1 pt 2 pt 3 pt 4 pt 5 pt 1 pt 2pt 3 pt 4pt 5 pt 1pt 2pt 3 pt 4 pt 5 pt 1 pt 2 pt 3 pt 4pt 5 pt 1pt Basic Economics Economic Indicators MoneyBudgetingMisc

2. What is the basic problem of economics? Pricing Scarcity Consumer behavior Government policies

3. What is the basic problem of economics? Scarcity

4. What goods and services should be produced, how they should be produced, and who should share in what I s produced are three basic questions addressed by: Market economies Command economies Mixed economies All economies

5. What goods and services should be produced, how they should be produced, and who should share in what I s produced are three basic questions addressed by: All economies

6. The value of the next best alternative that has to be given up for the action that is chosen is the Factor of production Trade-off. Opportunity cost Productivity

7. The value of the next best alternative that has to be given up for the action that is chosen is the Opportunity cost

8. Which of the following is a function of money? Interest-bearing instrument Checkable deposits Medium of exchange Stability of value

9. Which of the following is a function of money? Medium of exchange

10. What are the FOUR Factors of production?

11. What are the FOUR Factors of production? land, labor, capital, and entrepreneurship

12. High unemployment is usually a sign that a. The economy is getting better b. Government spending is on the increase c. Purchasing has slowed d. Government has increased the money supply

13. High unemployment is usually a sign that c. Purchasing has slowed

14. Economists use economic indicators to a. determine national income and real GDP. B. explain the depreciation of capital goods. C. decrease government regulation in many industries. d. assess the economy and predict its future course.

15. Economists use economic indicators to d. assess the economy and predict its future course.

16. The total dollar value of all the nation’s final goods and services produced over the course of a year is called a.net exports b.national income accounting c.disposable personal income (DPI) d.gross domestic product (GDP)

17. The total dollar value of all the nation’s final goods and services produced over the course of a year is called gross domestic product (GDP)

18. What happens when inflation occurs?

19. The purchasing power of the dollar decreases

20. The part of the business cycle in which the economy starts to slow down is called a

21. Contraction

22. The Dow Jones Industrial Average is: A mutual fund Another name for the S&P 500 Traded over-the-counter A stock market index

23. The Dow Jones Industrial Average is: A stock market index

24. The Federal Reserve System was established to a. ensure a safe and uniform currency. b. regulate thrift institutions. c. establish a gold standard. d. control the amount of money in circulation.

25. The Federal Reserve System was established to a. ensure a safe and uniform currency.

26. An APR of 16% means you pay a.$16 per year on every $100 you owe b. $16 per year on every $1000 you owe c. $16 per month on every $100 you owe d. A $16 annual fee

27. An APR of 16% means you pay a.$16 per year on every $100 you owe

28. Compared to a stock, a bond provides a a. higher dividend. B. higher level of risk. C. lower dividend. d. lower level of risk.

29. Compared to a stock, a bond provides a d. lower level of risk.

30. To what agency must you file your taxes? a. Federal Reserve b. Supreme Court c. Internal Revenue Service d. Federal Deposit Insurance Corporation

31. To what agency must you file your taxes? c. Internal Revenue Service

32. Expenses that fluctuate (change each month) are Fixed expenses Variable expenses Regular expenses Withholding

33. Expenses that fluctuate (change each month) are Variable expenses

34. What do you have to pay when you borrow funds? Principal plus collateral Principal plus interest The amount you borrowed Twice the amount of the loan

35. What do you have to pay when you borrow funds? Principal plus interest

36. Give an example of a fixed expense

37. Mortgage, rent, insurance, car payment

38. __________________ is the process of comparing the bank balance to the checkbook balance. a. Check register b. Restrictive endorsement c. Reconciling (balancing) the account d.Net deposit

39. __________________ is the process of comparing the bank balance to the checkbook balance. c. Reconciling (balancing) the account

40. A credit card is: a. credit which must be repaid in a series of equal payments b. pre-approved credit which can be used for the purchase of goods and services now and payment of them later c. a plastic card that is electronically connected to the cardholder’s bank account d. None of the above

41. A credit card is: b. pre-approved credit which can be used for the purchase of goods and services now and payment of them later

42. It is easier to start your own business in a Command economy Controlled economy Traditional economy Free enterprise system

43. It is easier to start your own business in a Free enterprise system

44. The economic goals of the American free-enterprise system include Freedom, equity, and growth Profit, traditions, and government control Socialism that evolves into pure communism Choice, central planning and security

45. The economic goals of the American free-enterprise system include Freedom, equity, and growth

46. The interaction of supply and demand determines the Elasticity Price ceiling Equilibrium price Marginal utility

47. The interaction of supply and demand determines the Equilibrium price

48. When the tax rate increases as your income goes up, this is an example of: Progressive taxes Regressive taxes Proportional taxes Recessive taxes

49. When the tax rate increases as your income goes up, this is an example of: Progressive taxes

50. If the price of a product is above its equilibrium price, the result is Demand Surplus Shortage Black market

51. If the price of a product is above its equilibrium price, the result is Surplus

52. JEOPARDY GAME Great! I have the blank jeopardy file. Now, how do I create my own jeopardy game using this blank format. The hard part has been done for you--you have the easy part! Before we begin, you will need to download the Blank Jeopardy game from the web site. Open it by clicking on it. Go to File, Save As, Save it to your Desktop or a folder. 1. Click on your Blank Jeopardy to open it in Powerpoint. 2. Decide on your categories at the top. You need 5 categories. 3. If you want to change the color of the font, highlight the category, click on the font color button's down arrow and choose the color of your choice. 4. Double click in the first blank category and begin typing your first category. Continue to do this for all five categories. Click on File, Save As to save your work. You will want to give it a name, e.g. Science ch. 5 review. This will leave your "blank jeopardy file", blank for you to create other games. 5. Go to the lower left hand corner and choose the Slide Sorter View. 6. Choose the second slide and double click on it. 7. If you do not have the DRAW toolbar at the bottom of your screen, go to VIEW, Toolbars, and click on Drawing. You should now see the Draw toolbar. 8. Click on the Text button. Click again to position the text box on your slide toward the top and in the middle. 9. Begin typing your first answer. 10. Double Click on slide 3, repeat step 11 and type your question. Remember the format of Jeopardy. The answer is in the form of a question. 11. Periodically, save your work by clicking on the little diskette in your menu bar. 12. Each slide is in order, going down the category e.g.: First category on the far left for 1 point is slide number 2 and 3. First category for 2 points is slide number 4 and 5 etc. 13. If you want to include two "daily doubles", just change the color of the question and answer to yellow. We included two daily doubles because we play with two teams and would like each team to have the opportunity to score a daily double. But as you know, it doesn't always work out that way! Enjoy creating and playing Jeopardy!